Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on what date HM Treasury agreed the use of £54 million of Department for Energy Security and Net Zero underspends to fund the reduction in bus fares announced on 22 July 2026.
Answered by Emma Reynolds - Chief Secretary to the Treasury
The department has set out a full plan for how it will meet savings associated with the Bus Fares cap and Defence Investment Plan – that includes a combination of cuts to some programmes and underspends.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral contribution of the Financial Secretary to the Treasury in the House of Lords debate on the Second Reading of the National Insurance Contributions (Employer Pensions Contributions) Bill on 4 February 2026, what the source is of the £8 billion per year figure for pension salary sacrifice.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
Following Autumn Budget 2025, the OBR published supplementary information on the costing relating to the measure capping salary sacrificed pension contributions at £2,000. The £8.0bn figure is consistent with this and equivalent to the forecast National Insurance relief on salary sacrifice pension contributions in the absence of the measure.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the potential impact of extending the Carbon Border Adjustment Mechanism to imported refinery products on the retail price per litre of (a) petrol and (b) diesel.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
At Budget 2026, the Government announced that it intends to expand the scope of the Carbon Border Adjustment Mechanism (CBAM) to include refinery products, subject to consultation on the feasibility and impacts of doing so.
This consultation is the next step of the process and will help to ensure we get the details right. The Government will confirm a timeline for implementation in due course, but we do not expect CBAM for refinery products to be in place for a few years, so there will be no impact on petrol or diesel prices in the short term.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the proposed changes to VAT treatment of large private hire vehicle operators from January 2028 on (a) the level of passenger fares and (b) the number of private hire drivers.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
At Budget 2026 the Government announced that it will deem the larger operators with annual fare turnover above a certain threshold liable for 20% VAT on the full value of their fares from 2 January 2028.
The government will shortly publish a consultation to confirm the level of annual fare turnover threshold this will apply to.
The measure itself does not place any new VAT obligations on drivers nor does it change existing employment or worker status protections. Decisions about fares, commission rates and commercial arrangements are matters for individual businesses.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the proposed VAT changes for private hire vehicle operators on (a) passenger fares and (b) drivers' earnings.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
At Budget 2026 the Government announced that it will deem the larger operators with annual fare turnover above a certain threshold liable for 20% VAT on the full value of their fares from 2 January 2028.
The government will shortly publish a consultation to confirm the level of annual fare turnover threshold this will apply to.
The measure itself does not place any new VAT obligations on drivers nor does it change existing employment or worker status protections. Decisions about fares, commission rates and commercial arrangements are matters for individual businesses.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 July 2026 to Question 16597 on Electric Vehicles: Company Cars, what assessment he has made of recent trends in the second-hand electric vehicle market, including (a) depreciation rates, (b) residual values and (c) the impact of calculating benefit-in-kind tax liabilities using the original P11D list price.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
Company cars in the UK are subject to an emissions-based regime; the taxable value of the car is not just based on its list price, but also its CO2 emission level. This provides a generous incentive towards the uptake of electric vehicles and their entry into the second-hand market. Electric company cars play a significant role in supporting the used EV market, as they typically enter the second-hand market at the end of their lease.
As set out in the Answer of 13 July 2026 to Question 16597, the Government considers P11D list prices the fairest and most practical way to calculate benefit-in-kind liabilities for company cars and has no plans to move away from this approach. The Government will keep the second-hand EV market under review and continue to monitor developments closely.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 16 June 2026 to Question 7490 on Treasury: Lanyards, how much his Department, excluding its executive agencies and arm's-length bodies, spent on lanyards in (a) 2025 and (b) 2026 to date.
Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
In 2025, HM Treasury spent £271.22 on lanyards. To date in 2026 HM Treasury has spent £118.43 on lanyards.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to amend the rates or qualifying conditions of the Tonnage Tax regime for shipping companies.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
The maritime sector is subject to a range of tax rules.
Qualifying shipping companies may elect into Tonnage Tax, an alternative corporation tax regime under which taxable profits are calculated by reference to the tonnage of ships operated rather than actual commercial profits. Tonnage Tax is designed to support the competitiveness of the UK maritime sector and encourage shipping activity and strategic management functions to be based in the UK.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has considered introducing a national levy on passengers departing from UK ports on cruise ships.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
The maritime sector is subject to a range of tax rules.
Qualifying shipping companies may elect into Tonnage Tax, an alternative corporation tax regime under which taxable profits are calculated by reference to the tonnage of ships operated rather than actual commercial profits. Tonnage Tax is designed to support the competitiveness of the UK maritime sector and encourage shipping activity and strategic management functions to be based in the UK.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to introduce additional taxes or levies on commercial port operators.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
The maritime sector is subject to a range of tax rules.
Qualifying shipping companies may elect into Tonnage Tax, an alternative corporation tax regime under which taxable profits are calculated by reference to the tonnage of ships operated rather than actual commercial profits. Tonnage Tax is designed to support the competitiveness of the UK maritime sector and encourage shipping activity and strategic management functions to be based in the UK.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.